Core Viewpoint - Netflix's attempt to acquire Warner Bros. Discovery (WBD) has failed due to regulatory challenges and a competing bid from Paramount Skydance, leading to the end of a six-month takeover battle [1][2][4]. Group 1: Acquisition Attempt - Netflix CEO Ted Sarandos was unable to persuade the Trump administration to approve the takeover, which was deemed to face significant antitrust concerns [2][5]. - A revised bid of $31 per share from Paramount Skydance was considered a "reasonably superior offer" by WBD, prompting Netflix to withdraw its bid [1][6]. - Sarandos argued that the merger would not create a streaming monopoly, as it would combine Netflix's No. 1 service with WBD's No. 3 service [4][5]. Group 2: Regulatory Environment - The Trump administration's skepticism was evident during Sarandos' meeting with key officials, where he attempted to mitigate antitrust concerns [2][5]. - The administration's stance was influenced by perceptions that Netflix's content offerings lean politically left, raising additional concerns about granting the company more market power [16][18]. Group 3: Market Reactions and Implications - Netflix's market value has reportedly decreased by around $200 billion since the bidding process began, reflecting investor concerns about the company's growth strategy and the financial implications of the deal [15]. - The failed acquisition is seen as a significant victory for Paramount Skydance, which aims to consolidate its media and programming assets, including a studio and streaming service [7][10].

Core Insights - The bidding war for Warner Bros. Discovery has concluded with Paramount Skydance acquiring the company for $31 per share, valued at approximately $111 billion [1][5] - Netflix has opted not to counter Paramount's offer and will withdraw its previous all-cash bid of $82.7 billion [1][5] - Warner Bros. Discovery will incur a $2.8 billion termination fee to Netflix as part of ending the existing agreement [2] Acquisition Details - Paramount's acquisition includes all of Warner Bros. Discovery's assets, such as studios, HBO, streaming services, games, and linear television networks like CNN and TBS [3] - Paramount will also assume about $33 billion in debt from Warner Bros. Discovery [6] - Larry Ellison, a significant backer of Paramount, has agreed to provide additional equity to support the acquisition [6] Market Reactions - Following the news, Netflix shares increased by up to 10% in extended trading, while Paramount's shares rose by 4.5% [8]

Paramount’s proposal values Warner Bros at around $112bn (£83bn). - Mike Blake /Reuters Paramount has won the bidding war for Warner Bros, after its 11th-hour bid prompted rival Netflix to pullout. Netflix on Thursday night walked away from an $83bn deal for Warner Bros after Paramount, controlled by the billionaire Ellisons, convinced the Hollywood studio to back a rival deal. Warner Bros Discovery (WBD) said its board of directors had concluded that a $31-a-share offer from Paramount constituted a “su ...

Core Insights - Netflix has decided not to raise its bid for Warner Bros. Discovery, following Paramount's increased offer from $30 to $31 per share for the company [1][2] - Netflix co-CEOs stated that the deal was no longer financially attractive at the price required to match Paramount's bid, leading to a surge of over 9% in Netflix's stock during after-hours trading [2] - Paramount's CEO has been actively pursuing Warner Bros. Discovery, making 10 official offers despite Netflix's initial deal announcement [3] Regulatory Context - Paramount positions itself as a more suitable buyer for Warner Bros. than Netflix, citing concerns over Netflix's potential dominance in the market if it acquires HBO and its iconic IP [7] - Netflix argues that it is not a dominant player due to competition from YouTube, free streaming services, and traditional TV, claiming it would preserve more jobs in Hollywood compared to Paramount [8] - Both companies are seeking support from regulators and political figures, including President Trump, who has expressed mixed sentiments regarding Netflix's market position [9][10] Political Dynamics - President Trump previously indicated that Netflix's acquisition of Warner Bros. could pose a problem but later stated he would allow the Department of Justice to assess the situation [9] - Despite Trump's criticisms of Netflix, the company maintains that its potential acquisition is not politically motivated, with co-CEO Sarandos attending meetings at the White House [11]

Starz Entertainment (NasdaqGS:STRZ) Q4 2026 Earnings call February 26, 2026 05:00 PM ET Speaker4I would now like to hand the conference over to your speaker today, Nilay from Investor Relations.Speaker6Good afternoon. Thank you for joining us for Starz Entertainment's fiscal 2025 fourth quarter earnings call. We'll begin with opening remarks from our President and CEO, Jeffrey Hirsch, followed by remarks from our CFO, Scott Macdonald. Also joining us on the call today is Alison Hoffman, President of STARZ N ...

Warner Bros. Discovery has formally declared Paramount Skydance’s latest takeover proposal a “superior” offer to its existing deal with Netflix, escalating one of the most dramatic bidding wars Hollywood has seen in years. The determination prompted Netflix to withdraw from the bidding, handing the victory to Paramount. In a statement Thursday, Warner Bros. Discovery said its board concluded that Paramount’s revised all‑cash offer to buy the entire company qualifies as a “company superior proposal” under ...

Core Insights - Warner Bros. Discovery reported higher-than-expected fourth-quarter core earnings and is "well positioned" for long-term success while evaluating competing takeover proposals from Paramount Skydance and Netflix [1] - The company reiterated its existing merger agreement with Netflix but acknowledged that Paramount's revised offer could lead to a superior proposal [1][3] Financial Performance - For the fourth quarter, adjusted core earnings before interest, taxes, depreciation, and amortization totaled $2.22 billion, down 19% from the prior year but exceeding Bloomberg consensus estimates of $2.11 billion [4] - Revenue declined 5.7% to $9.46 billion, although this figure surpassed expectations [4] Takeover Proposals - Paramount raised its bid to $31 per share for Warner Bros., increasing the termination fee from $5.8 billion to $7 billion if regulatory approval is not obtained [2] - Netflix's offer stands at $27.75 per share for Warner Bros.'s studios and HBO Max streaming business, while Warner Bros. plans to spin off its traditional television operations into a separate entity [3] Studios Segment Performance - The studios segment showed a 52% year-over-year increase in core profit to $2.55 billion, excluding currency effects, with early momentum noted in the division [5] - Streaming subscribers reached nearly 132 million, exceeding the target of 130 million set in August 2022, with expectations to surpass 140 million by the end of the current quarter [5]

LOS ANGELES, CALIFORNIA - FEBRUARY 23: An aerial view of the Paramount logo on the water tower at Paramount Studios on February 23, 2026 in Los Angeles, California. Paramount Skydance is poised to increase its takeover offer for Warner Bros. Discovery above Netflix’s current bid, setting up a high-stakes bidding war that could see Netflix walk away from the deal if outbid. (Photo by Justin Sullivan/Getty Images)Getty ImagesThe board of Warner Bros. Discovery released a statement Thursday afternoon declaring ...

Netflix has been given four days to beat a sweetened offer by Paramount Skydance for the assets of Warner Bros Discovery in the latest twist in the battle for control of the media giant.In an announcement on Thursday afternoon, WBD said that its board had determined Paramount’s revised offer to be a “company superior proposal” compared to Netflix’s $82.7bn deal – triggering Netflix’s window to respond.In its revised offer, Paramount offered $31 per share for the company, up from $30, a $7bn regulatory termi ...

Warner's board hasn't officially adopted Paramount's merger agreement yet, but once it does, Zaslav said it “will create tremendous value.” He added that the company was “excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery."After months of a heated back and forth amid Paramount's hostile campaign to take over Warner without the board's blessing, Warner also changed its tune about the remaining prospective buyer.In a statement Thursday night, CEO David Zaslav said Netflix ...